Bitcoin sparks a fresh bear bloodbath
After a night of bullish action, the pair left its lower trading range of recent weeks behind, with volatility still significant at the time of writing. Local highs topped $50,300 on Bitstamp.
Heavy resistance remained at that level Thursday, with analysts waiting to see if the latest uptick had the momentum required to change the longer-term paradigm.
Short traders lost out heavily from the upside, liquidations hitting almost half a billion dollars in the past 24 hours.
Not so boring after all
Price forecasts take account of the anomaly, with the popular “worst-case scenario” series from stock-to-flow model creator PlanB calling for a $43,000 minimum monthly close.
Will August indeed close >$47K?
Btw these are worst case / floor estimates, so do not worry about Sep >$43K, my base case prediction is based on S2F: $100K. I use the floor stuff for options. pic.twitter.com/HGXa5MMqH0
— PlanB (@100trillionUSD) August 31, 2021
The statistician’s August monthly close prediction, $47,000, was exactly on point. October, he calculates, should close at a minimum of $68,000 — a new all-time high.